Corporations

(1) Corporations racing horses in Massachusetts shall furnish the following information: (a) The corporation shall furnish to the Stewards and the Commission a statement giving the names of all persons connected with the corporation including officers, directors and stockholders. (b) The corporation shall furnish to the Stewards and the Commission a certificate stating that no person or persons connected with the corporation (officer, director or stockholder) have any beneficial interest in any horse or horses running in their name or the name of any other person or persons racing at the same track where the corporation-owned horse or horses are running. (c) The corporation shall designate to the Stewards and the Commission the name of one individual, preferably an officer, (not the trainer) who shall act as Agent for the corporation. (2) All licensed persons listed in the corporation shall be liable for entry fees and penalties against horses raced by the corporation. (3) In the event that one of the persons listed in the corporation is suspended all horses owned by the corporation may be suspended at the discretion of the Stewards and or Commission. (4) Each of the persons holding a beneficial interest in the corporation shall be in good standing in racing. (5) The agent designated to act for the Corporation, and any person holding a beneficial interest of 20% or more in the Corporation shall be licensed as owners. Any person whose beneficial interest in the Corporation is less than 20% shall not be licensed as an owner unless they establish a bona fide need for the license and the issuance of the license shall be approved by the stewards. If a husband and wife are listed in the Corporation and their total beneficial interest in the Corporation represents 20% or more of the Corporation they shall both be licensed as owners. (6) All the stockholders or members of a corporation which leases horses for racing purposes in the Commonwealth of Massachusetts and also all such corporations shall make and file with the Commission as and when requested by it, a report or reports containing such information as the Commission may specify; and upon refusal or failure to file such report or reports the Commission may refuse a license to any lessee or lessees of such corporation or may revoke any such license which it may have granted.